US Dollar Edges Higher Amid NVIDIA Results; Market Eyes GDP Report and Potential Fed Moves

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3425-1.3525

Euro                 1.4950-1.4850

Sterling            1.7750-1.7850

WTI Oil (opening level) $74.38

The US Dollar index is marginally stronger this morning as markets reacted to NVIDIA's quarterly results that while they beat market expectations did not blow the doors off these expectations as they had in past quarters so the stock retreated about 5%. On the positive side it did not really shake any investor confidence in the AI growth market so stocks are again poised to jump higher this morning and the Dollar should give back some gains as the day progresses.

The Euro and Pound were a little weaker this morning as better than expected inflation data out of Germany and Spain opened the possibility of interest rate cuts out of the EU in the coming weeks.

The Canadian Dollar did give back a little strength against the US Dollar put did pick up some small strength against the Euro and Pound. The Loonie is doing well over the last few sessions but as we get into September we will see if it can make further gains

On the calendar today we get the US 2nd Quarter GDP report and it is expected that the economy grew 2.8% which would be up from the 1.4% growth rate in the first quarter. This report should help the stock market jump higher again and push the US Dollar a little lower as there is further room for the Fed to cut interest rates next month.